Monthly Archives: September 2009

30
Sep
2009

GoldCore Precious Metals Update – Gold Well Supported in Mid to High $900/oz Region

Gold
Gold is currently trading at $1,001.80/oz and has bounced from a low of $991/oz and continues to follow currency movements. This week is the first week of the new Central Banks Gold Agreement, which caps gold sales from official reserves.

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29
Sep
2009

GoldCore Precious Metals Update – Gold To Consolidate Above Support at $985/oz?

Gold
US stocks rallied yesterday and the gold price soon recovered after initial falls, and resolutely stayed around the $990/oz level. The erratic nature of the dollar, at the moment, means that gold may still have its direction dictated by dollar volatility and traders may exploit this and push the limits of gold support in the short term, looking for favourable entry points.

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28
Sep
2009

GoldCore Precious Metals Update – Gold Falls as Markets Ignore Iranian Geopolitical Threat

Gold
A stronger dollar and a bout of profit taking saw gold slip back to the low $980s per ounce in early morning trading. It is currently trading at $989/oz and if it fails to pull itself above $990/oz, it may correct back further to $970/oz before support is found.

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25
Sep
2009

GoldCore Precious Metals Update – China Voices Dollar Concerns at G20 Summit in Pittsburgh

Gold
Gold fell yesterday on technical driven profit taking and is currently trading at $996.75/oz. It traded in a range overnight of $991-$999/oz. Support is now at $990/oz and resistance is at the recent high at $1,024/oz. All eyes are on the G20 summit in Pittsburgh and trading is likely to be cautious prior to the meeting.

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24
Sep
2009

Today is the 140 Year Anniversary of Black Friday 1869 and the Gold ‘Crash’

Today is the 140 Year Anniversary of the original Black Friday on September 24th, 1869. Since then the word ‘Black’ has been used to describe any day that the stock market, currencies or financial markets have crashed. There have been many, many such crashes but the one that birthed the term happened on this day 140 years ago.

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24
Sep
2009

GoldCore Precious Metals Update – Gold Supported by Federal Reserve’s “Exceptionally Low” Interest Rates for “Extended Period”

Gold
Gold touched $1,015/oz this morning before retreating to $1,002/oz and then rebounded back to that figure again. Gold needs to re-test recent highs above $1,020/oz to plough its own furrow rather than taking its direction from the vagaries of dollars fortunes.

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23
Sep
2009

GoldCore Precious Metals Update – Silver Remains a Contrarian’s Dream With Negative or No Media Coverage & No Public Involvement

Gold
The dollar fell sharply against most currencies yesterday and gold was strong in all currencies and held above $1,015/oz for most of the day.

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22
Sep
2009

GoldCore Precious Metals Update – Gold to Remain Strong on Global Inflation and Stagflation Risk

Gold

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21
Sep
2009

GoldCore Precious Metals Update – IMF Gold Sales Hoovered up by Governments

Gold

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18
Sep
2009

GoldCore Precious Metals Update – Commitment of Traders (Comex) Data Shows Speculative Fever Not High in Gold or Silver

Gold
Gold closed above the $1,000/oz level for a fourth session and is currently trading at $1,014/oz. During yesterday’s trading it touched a new 18 month high of $1,023/oz.  The gold open interest on the COMEX rose another 3764 contracts to 478,172 which is still a long way from the record 593,953 contracts seen in mid January 2008 (http://www.technicalindicators.com/cotgold.htm). Indeed such open interest figures were seen for much of the final quarter of 2007 and the first half of 2008.

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